J.C. Penney Raises Sales Guidance as First Quarter Loss is Smaller than Last Year
On Wednesday, J. C. Penney Co. reported smaller loses in the first quarter in comparison to last year and also raised its yearly sales guidance.
The investors got some encouragement from the results who were worried about the slow turnaround of the company. J. C. Penney, in recent times has been making an effort to recover from a catastrophic reinvention that was initiated by Ron Johnson, its former CEO.
Under the guidance of Johnson, the company was estranged from its customers and lost revenue worth billions of dollars. The makeover which relieved discounting and also some of the basic merchandise resulted in a catastrophe. Following this, Johnson was fired from the company in April 2013.
Desperate to ring things back in track, the board of Penny brought back retired Mike Ullman. Under him sales have been restored along with some of the merchandise which Johnson discarded. Marvin Ellison, an ex executive with Home Depot was named as president of the company last year. He is nominated to become the CEO this August.
On Wednesday, the company said it plans to launch beauty brand Sephora on the website of Penney for online business. Sephora shops, which has been a major attraction for the customers are being expanded by the company.
New Zealand News
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